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Advantage GST – Transforming Business, Spurring Growth ( Volume 5 Issue 2 )

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IBEF presents an enriched, enhanced 'India Now' magazine with more features, analysis and wider coverage. The cover story of the September-October issue analyses how the implementation of the landmark GST reform has progressed over the first year of its implementation and also the potential it presents as a game changing reform for the country going forward.

COVER STORY

[email protected]: Engineering Economic Transformation

The Government of India launched the GST for the achievement of the objective of ‘one nation, one tax, one market’. GST is a major step forward towards enhancing ease of doing business in India. With its notable benefits including elimination of ‘tax-on-tax’ effect, compliance under GST has progressively improved. Moreover, benefits are visible in terms of consolidation of warehouses, reduction of transit times as well as greater formalisation of the economy. Going forward, the expected simplification of the tax structure, timely redressal of stakeholder concerns and stabilisation of the regime, tax collections should get a boost, thereby catalysing economic growth over the long term.

Expert Perspectives on GST

  • Ushering in systemic change - Dr Arun Singh, Lead Economist, Dun & Bradstreet
  • Setting a New Pace for Businesses - K Shankar, CEO, Feedback Consulting
  • Interview with Mr Najib Shah, Former Chairperson, Central Board of Indirect Taxes and Customs

EXPORT GAIN

Leather industry

India’s leather story is not one of overnight growth, but one dyed in the hues of our historical past. Today, the Indian leather industry has already created a strong global brand image riding on factors such as design development initiatives by institutions and individuals, regular human resource development programmes to enhance productivity, increasing use of quality components, and a growing domestic market for footwear and leather articles. With new markets on the horizon and with the co-operation of industry stakeholders, interested investors, and the central and state governments, the sector is expected to touch new heights of glory in the coming years.

INDIA MADE

Capturing the essence of Ayurveda

What has transformed Dabur—a small company Dr S K Burman established in 1884—into a transnational with 16 of its brands having a turnover of over Rs 100 crore? Undoubtedly, a diligent business strategy that blends the traditional core of Ayurveda with modern-day science, thereby lending a contemporariness to its product portfolio. Mr Lalit Malik, Chief Financial Officer, Dabur India Limited, talks to India Now Business and Economy about the company’s competitive edge, its innovation prowess, and its avowed sustainability goals.

STATE FOCUS

A Brilliant Cut

India has been associated with diamond mining and trade since ancient times. However, today, more than mining, the country is well-known for the flourishing diamond cutting and polishing industry, largely concentrated in the state of Gujarat, which accounts for around 72% of the world’s share of processed diamonds, more than 80% of diamonds processed in India, and 95% of diamonds exported from the country.

STARTUP

A Springboard for Innovation

Startups like HackerEarth are instrumental in transforming the country’s IT hiring scene by helping companies find the right programmers and vice-versa. Sachin Gupta, co-founder and CEO, HackerEarth, in an exclusive interview with India Now Business and Economy, talks about how they host millions of developers on their platform to develop innovative products, leveraging diverse mindsets and skill sets through hackathons.

CULTURE

Sacred Scrolls

A long, horizontal panel filled with a hand-painted pictorial narrative of a folk hero-deity, rendered in rows of colourful figures—hero-deity, men, women, and animals—speaks as much of local religious beliefs and historical events as it does of the artist’s devotion to his art. Over the generations, the art of phad paintings has been handed down from father to son, uncle to nephew and over time, evolved from a ritual and narrative textile to a sacred art work.

WANDERLUST

Deep in the heart of Coffee Country

Coorg, the paradisiacal hill station in Western Ghats, has come to be one of the most visited tourist spots in the country. The cosy accommodation options, rich wildlife, pleasant climate, and a fascinating history add to the charm of this quaint little town.

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